- Virtual payments company Square wants to join hardware wallets.
- Ledger NANO and Trezor dominate the competition in hardware wallets.
While many public companies try to slow Bitcoin‘s growth through social media, Square takes a different path. The company dedicated to driving electronic payments is attempting to enter the crypto market with a Bitcoin hardware wallet. These external wallets renew security in the crypto market so investors can store their cryptocurrencies without fear.
Square explores your options
In recent months, Square has been interested in cryptocurrencies. As it is a public company, it has the capacity to provide support for cryptocurrencies. These supports to the crypto market make the company visible to the media.
Although many public companies do not trade Bitcoin, Square stands out and attempts to change the landscape. For now, the company allows investors to trade cryptocurrencies, as has been the case for a decade. Users can buy digital currencies, such as Bitcoin, from their platform and store them there.
Square also has other goals in mind, like hardware wallet creation. Although the company’s CEO has said nothing concrete, the company could launch a hardware wallet before the end of the year or leave the project for the next few months.
If the plan works and the hardware wallet is created, it could have an open-source ecosystem. The company wants to move alongside large companies like PayPal that have traded cryptocurrencies.
Lots of competition in the hardware wallet scene
Square, as a technology company, recognizes cryptocurrency trading in the face of many negative comments. As the company does well with digital wallet services, towing the cryptocurrency path seems like a good idea. While moving from digital to external may be challenging for the company, it may well achieve its goals.
If the company continues with plans to create a hardware wallet, it will have a lot of competition ahead. The leaders in these wallets, such as Trezor and Ledger, compete to be investors’ first choice. In this sense, the company would enter this competition, and have to win users over.
The company could also create an open-source hardware wallet that a potential partner authors. Square can have its crypto wallet but support a famous company in the production of a hardware wallet. Square has several options on the table for its agents to analyze and decide on the most convenient and preferable.